Gitanjali Gems H1 net up 9% at Rs 98 cr

ET Bureau|

Oct 31, 2009, 01.03 AM IST

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MUMBAI: Jewellery major Gitanjali Gems recorded a 9% rise in half-yearly net profit on the back of strong growth in domestic jewellery sales. Its net profit grew to Rs 98 crore in the first six months ended September from Rs 90 crore in the year-ago period. Sales, during the period, went up by 24% to Rs 3,110 crore.

CMD Mehul Choksi said: ���Despite the impact of the global recession, the Indian market appears to be improving. The results are a clear indication that branded jewellery is increasingly finding acceptance among the Indian jewellery consumers.���

Mumbai-based Gitanjali Gems owns brands such as Gili, Asmi, D���Damas, Maya and Sangini. The company has not declared separate results for the September quarter. Operating profits before interest and exceptional items grew by 40% to Rs 190 crore in half-year ended September. Shares of company rose marginally to close at Rs 115.1 in a weak Mumbai market on Friday.